PSX closes higher with 120pts gain

KARACHI: The Pakistan Stock Exchange Friday opened on a positive note as the index traded at intraday high of 438 points to finally close at 48,409 level by rallying around 120 points.

OGDC (slip 3.41%) and PPL (3.04%) in the E&P sector closed in red where oil prices in the international market dipped as the market looked for clues on how effectively OPEC production cuts are working to absorb a global supply overhang.

HBL witnessed high volatility with highest volume traded since 2007 of 15.5 million shares. Stock gained 2.1 percent on the news of addition to the FTSE global equity index mid cap stocks from Monday March 20. Pre-budget speculations in cement, banking and auto stocks played a catalyst role in bullish close, market participants said. Overall, volume increased by 17.7 percent to 212 million shares, while value rose by 61.7 percent to Rs16.5 billion.